The agency erroneously determined in Tuesday's report that the $39 billion purchase of T-Mobile would cause significant job losses and that AT&T would probably build high-speed wireless Internet connections without the merger, Jim Cicconi, AT&T's senior executive vice president of external and legislative affairs, said in a statement.

"The report raises questions as to whether its authors were predisposed," Cicconi said. "The document is so obviously one-sided that any fair-minded person reading it is left with the clear impression that it is an advocacy piece and not a considered analysis."

The FCC allowed AT&T on Nov. 29 to rescind its application to buy T-Mobile, a deal that would join the second- and fourth-largest U.S. wireless carriers. The Justice Department sued in August to block the merger as anticompetitive, and a court hearing is set for February. The FCC moved last week to send the deal for a hearing that would have taken much of next year, an outcome avoided with the application withdrawal.

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RETAIL

Amazon value doubted

Amazon.com shares are overvalued because its core business of selling books and music online is "disappearing," and it's competing with larger rival Apple in tablet devices, according to Columbia University'sBruce Greenwald.

"Amazon trading at 100 times earnings is almost a joke," Greenwald, a professor of management and asset management at the university, said Thursday at the Bloomberg Hedge Fund Conference hosted by Bloomberg Link. "If Amazon doesn't deliver profitability in the long run, it's not going to stay at 100 times earnings."

Amazon, based in Seattle, trades at 103 times reported earnings for the past year, down from this year's peak of 129.8 in October, according to data compiled by Bloomberg.

AUTOMOBILES

GM CEO offers Volt buyback

General Motors will buy Chevrolet Volts back from any owner who is afraid the electric cars will catch fire, the company's CEO said Thursday.

In an exclusive interview with the Associated Press, CEO Dan Akerson insisted that the cars are safe but said the company will purchase the Volts because it wants to keep customers happy. Three fires have broken out in Volts after side-impact crash tests done by the federal government.

Akerson said that if necessary, GM will recall the more than 6,000 Volts in the United States and repair them once the company and federal safety regulators figure out what caused the fires.

"If we find that is the solution, we will retrofit every one of them," Akerson said. "We'll make it right."

The fires happened seven days to three weeks after tests performed by the National Highway Traffic Safety Administration. And GM has said there's no threat of fires immediately after crashes. GM also has said that no Volts involved in real-world crashes have caught fire.